It's a bloodbath out there, the vast majority of 3Ls I know have no jobs and are looking for *&^% on craigslist. 3Ls estimate about 2/3rds of them have no job lined up and are still out there looking--along with all the 1Ls, 2Ls, laid off lawyers, and 2008/2009 grads who still haven't committed suicide and are looking for employment. Even our Career Services is panicking because after repeated calls and begging, only 100/284 (35%) of people have turned in their employment surveys (can't get people with no job to bother to turn it in). A lot more 3Ls who summered with the big firms in town are getting no-offered than ever before.
For the Class of 2011, things are at least as bad, if not worse. I'd guess that less than a third of us have a "real" temporary summer position lined up. Can think of several classmates who are top quartile and law review who can't find anything to do.
Words cannot express how ridiculously bad it is for the majority of our students. There will always be a bright forecast from those who actually do have jobs (even if they refuse to recognize they are temporarily employed as cheap summer labor), or from those handful of sunny folks who are ALWAYS confident that things will eventually go there way...but honestly, the school feels like a funeral parlor these days, and the overall attitude amongst our student colleagues is somewhere around "utterly miserable."
Good luck to everyone in their employment searches.